The real estate market is booming in many parts of the country. And here in Texarkana, it’s no different.
House prices have gone up. This is good news for property owners. Who doesn’t love to see the value of what, for most of us, is our single largest investment?
But there is another side.
When real estate values rise, the tax authorities also take notice. That means Bowie County’s home ownership will rise 15% to 20% this year, according to chief appraiser Mike Brower.
And higher values mean higher property taxes.
In 2019, the state passed legislation intended to slow growth in property taxes. But they grow, because your real estate tax calculation is based on the tax rate and the current appraisal.
Here’s the thing though. Higher real estate values are largely fictional. The owner does not see this money until the property is sold. A higher quality home doesn’t put more income into a homeowner’s pocket every year.
But a higher property tax bill takes money away, leaving the homeowner with less money to pay for other bills and living expenses — all of which are also increasing.
The state requires homes and other real estate to be valued at 100% of market appraisal. It does not matter how high the additional burden is for the owner.
There are a few things you can do if you feel your rating is too high. You can speak to your appraiser. And if that doesn’t work, you can appeal.
We wish you good luck. As inflation continues to drain our limited resources, any relief would be welcome.
Print Headline: EDITORIAL/Higher values, higher taxes: Property owners see another hit in the wallet